Net profit rise fails to halt Lenovo鈥檚 drop
Print Edition
SHARES of Lenovo Group Ltd fell 10 percent yesterday in Hong Kong despite net profit surging 19 percent in the fourth quarter from a year ago.
Lenovo’s net profit of US$300 million in the fourth quarter beat analysts’ estimates for earnings of US$242.5 million. Meanwhile, Motorola Mobility business, which was acquired by Lenovo for US$2.9 billion last year, stopped losing money in the quarter.
Shares of Lenovo fell 10.2 percent to close at HK$6.60 (85 US cents), compared with the Hang Seng Index’s decline of 2.3 percent yesterday.
The decline in share price came amid an overall revenue drop of 8 percent to US$12.9 billion in the quarter as the world’s biggest personal computer maker faced an industry-wide slump.
In the fourth quarter, sales in the global PC market shed 10 percent annually. The PC sales will continue to drop by around 3 percent in 2016, IDC or International Data Corp, a US-based research firm, predicted.
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